Financial ratings wrap-up: Verizon, Rural Cellular, Clearwire and more

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
–Credit Suisse First Boston raised its price target on Verizon Communications to $45 from $43 after the company reported solid second-quarter results. R.W. Baird raised its estimates on Verizon to EPS of $2.33 from $2.31 for 2007 and to $2.69 from $2.62 for 2008.
–Standard & Poor’s Ratings Services placed its ratings on Rural Cellular Corp. on CreditWatch with positive implications after Verizon Communications Inc. agreed to purchase the company for $2.7 billion.
–Morgan Stanley downgraded Clearwire to equal weight from overweight based on stock price appreciation and valuation, potential for slower WiMAX rollout and heightened funding risks.
–Morgan Stanley raised its price target on AT&T Inc. to $44 from $43 on wireless service revenue growth. Lehman Bros. raised its price target on the company to $50 from $47. R.W. Baird raised its estimates on AT&T to $2.74 from $2.66 for 2007 and to $3.15 from $2.97 for 2008.
Other
–R.W. Baird lowered its estimates on Andrew Corp. after the company reported second-quarter results that were below expectations. For 2007, it expects EPS of 45 cents rather than 59 cents and for 2008 it expects 65 cents rather than 70 cents.
–Goldman Sachs raised its price target on Powerwave Technologies Inc. to $7 from $6.50 on strong second-quarter results. Credit Suisse First Boston raised its price target on the company to $7 from $6 and raised its 2007 revenue estimate on the company to $800 million. R.W. Baird raised its estimates on the company to a loss of 44 cents rather than a loss of 47 cents for 2007 and to a return of 6 cents rather than 4 cents for 2008.
–CIBC World Markets raised its price target on Sierra Wireless to $30 from $28 after the company reported strong second-quarter results.
–Credit Suisse First Boston raised its price target on Qualcomm Inc. to $60 from $58 after the company reported strong second-quarter results. It also raised its estimates on the company to $1.96 from $1.88 for 2007.
–Credit Suisse First Boston raised its price target on VeriSign Inc. to $36 from $32 after the company reported in-line results for the second quarter. The firm’s estimates on the company, however, drop from $1.54 billion in revenues and $1.06 to $1.51 billion and $1.04 for 2007.
–Credit Suisse First Boston raised its estimates on EarthLink after the company reported mixed second-quarter results. For 2007, it expects revenue of $1.23 billion and a loss of $1.01 rather than $1.30 billion and a loss of $1.02. Its 2008 estimates change to $1.27 billion and a loss of 32 cents per share from $1.37 billion and 44 cents per share.
–CIBC World Markets raised its price target on RF Micro Devices to $9 from $8 after the company reported second-quarter results. The firm also raised its estimates on the company to 25 cents from 17 cents for 2008 and to 35 cents from 27 cents for 2009. Lehman Bros. raised its price target on the company to $8.50 from $8.
–First Albany Capital lowered its estimates on Tellabs Inc. after the company offered disappointing guidance. The firm now expects EPS of 29 cents on revenues of $2.012 billion for 2007, down from 34 cents on $2.011 billion, and 43 cents on $2.082 billion for 2008 from 47 cents on $2.12 billion. R.W. Baird raised its price target on the company to $14 but lowered its estimates to 30 cents from 32 cents for 2007 and to 45 cents from 50 cents for 2008.